Synaptec, a Glasgow, Scotland, UK-based developer of fibre optic technology to reduce the downtime and operating costs of electrical power networks through improved monitoring, secured a £370k funding round.
Backers included the Equity Gap business angel syndicate, which includes Ian Marchant and Nigel Ellis, Scottish Investment Bank, the investment arm of Scottish Enterprise, and the University of Strathclyde.
The company intends to use the funds to continue to grow its team, ramp up operations and broaden the scope of the business.
Founded in 2014, Synaptec develops and deploys photonic sensing systems that utilize existing optical fibre networks to measure all parameters that electricity network operators require for primary and ancillary monitoring functions.
The company, which already works with Scottish Power and SSE, focuses on opportunities with subsea development and renewable energy.